Technology Strategy to Focus on Sustainability-related Innovation
Businesses continue to respond to the impact of two major trends; the ongoing coronavirus pandemic and climate change. The pandemic has created financial austerity among public and private organizations, and companies have also accelerated decarbonization in business operations as a way to gain competitive edge.
As companies are resuming business operations and building occupancy after the peak of the pandemic, organizations face challenges in ensuring safe workplaces and sustainability practices such as near-zero or net-zero emissions. In addition, governments endeavor to improve their sustainability development goal (SDG) performance in the midst of economic recovery and challenges after the pandemic. Technologies continue to play a role in the advancement of building technologies and services. A leading innovation is the use of digital tools in the industry, primarily building information management systems.
The global building technologies and services market had a value of $971.44 billion in 2021. After a 5.3% decline in 2020, the market grew by 1.4% in 2021 and will register a CAGR of 4.6% from 2021 to 2026. By the end of the forecast period, the market will reach $1,274.53 billion. Building technologies and services will contribute to the three main goals: smart energy infrastructure, climate-smart cities, and green business. These goals lead to sustainability innovation in the market. In the context of this study, the publisher defines sustainable innovation in building technologies and services as solutions that promote environmental sustainability in the operations of buildings and eco-friendly outcomes, such as but not limited to energy savings, resource use optimization, and reduction in carbon emission in the building ecosystem.
Smart energy infrastructure would entail self-sufficiency in energy use and power supply resilience. Next, climate-smart buildings would necessitate energy optimization and occupant safety and comfort. Last but not the least, green business would call for sustainable business operations and the use environment-friendly materials. Globally, these will contribute to the development of United Nations sustainability development goals (SDGs).
In this study, the publisher segments building technologies and services into building automation systems (BAS); light-emitting diode (LED) lighting; heating, ventilation, and air conditioning (HVAC) equipment; and facility management (FM). Market breakdown and forecast and competitive analysis are provided for the above-mentioned segments. As the study focuses on sustainability practices and related growth opportunities, end-user breakdown (for the market and segments) is not part of the research scope. Examples of sustainability innovation applications and best practices for every segment are provided in the study.
